Sibur, Russia’s largest integrated petrochemicals company, announced on Friday that it would expand its payments options and logistics features in Сhina as it battles tight sanctions imposed over Moscow’s bloody invasion of Ukraine.
The Russian firm said it would promote offshore yuan trade settlement in China.
“This new option offers local customers greater payment flexibility, which will in turn help Sibur strengthen market positions,” the company said in a statement.
The company has extensive dealings with China and offers delivery to several inland destinations, including Chengdu, Chongqing, Linyi, Yiwu, Shengyang, Suzhou and Shijiazhuang.
“Sibur is currently the only import supplier in China who can provide such extensive regional coverage to local customers with a short lead-time,” the company said.
Sanctions were imposed on Sibur stakeholders because of their close ties to Russia’s government.
Russian billionaire Gennady Timchenko and his OOO Volga Group has a stake in Sibur Holding, and has been under sanctions since 2014 for his close ties to Russian leader Vladimir Putin.
Dmitry Konov, who has been Sibur’s head since 2006, exited the company following Western sanctions over Ukraine.
Sibur said Konov stepped down as the chairman of Sibur Holding’s management board, quit the board of directors and the management boards of Sibur Holding and Sibur.
“These organisational changes are made following Dmitry Konov’s inclusion in the EU and UK sanctions lists and are set to improve resilience of Sibur’s business as one of the fastest-growing global petrochemical players,” the company said.
- George Russell, with Reuters